UK's Recorded Music Exports Overcome Intensifying Global Competition, Reaching £700 Million for the First Time
The UK music industry is experiencing a significant surge, with British artists dominating global charts and music exports on track to reach £1bn by 2030. This remarkable growth was evident in the 2022 figures, where 'As It Was' by Harry Styles was the most-streamed track globally.
British artists made a strong showing in the global top 10 most streamed songs of the year. Ed Sheeran's 'Shape of You' and Lewis Capaldi's 'Someone You Loved' joined the ranks, alongside Glass Animals, Dua Lipa, Elton John, and Kate Bush. This success has been attributed to chart-busting hits released by UK artists by the British Phonographic Industry (BPI).
The value of UK music sales and streams overseas increased by 20% last year, reaching an unprecedented £709m. This is the first time the figure has ever exceeded £700m, marking a significant milestone in the industry's growth. The increase of over £100m occurred in a single year, further highlighting the rapid expansion of the UK music market.
The continued growth in music exports depends on the UK remaining a supportive environment for music investment. The government has shown its commitment to this, investing millions to help the next generation of UK talent launch international careers. Lord Offord stated that the tripled Megs funding would ensure growth for UK artists and Small and Medium-sized Enterprises (SMEs) in overseas markets.
The Music Export Growth Scheme (Megs) has a near 14-1 ROI, demonstrating its effectiveness in supporting the industry. Policymakers should continue to work with the industry to maximize the overseas potential of UK music.
The success of UK music is not limited to emerging markets. Established markets, such as the US, also showed growth, with a 28% revenue improvement. Culture secretary Lucy Frazer stated that British music is breaking records across the world. The record-breaking export numbers are considered an exceptional achievement in the face of global competition.
The UK's music industry is undoubtedly thriving, with its artists dominating global charts and music exports on track for even greater success in the future. The government's continued support and investment in the industry are crucial to maintaining this momentum and ensuring the UK remains at the forefront of the global music scene.
